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Consider a production function given by =(,)=square root of KL If capital is fixed at a value of=1, which of the following combinations of labor
Consider a production function given by
=(,)=square root of KL
If capital is fixed at a value of=1, which of the following combinations of labor and output, described by the vector, (,) are considered to be technologicallyinefficient? (hint: think about the technology set)
1. (4, 2)
2. (5, 11/5)
3. (3, 7/4)
4. (1, 1)
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